Core Insights - Many Americans, particularly women, face insufficient retirement savings, with women averaging $261,763 compared to men's $330,305, highlighting a significant financial security gap [1] Group 1: Factors Contributing to the Retirement Savings Gap - Women often have lower lifetime earnings due to pay gaps, career breaks for caregiving, and part-time work, resulting in less money available for retirement contributions [2] - Only 45% of women report having an income sufficient to save adequately for retirement, compared to 57% of men [2] Group 2: Financial Knowledge and Awareness - A significant knowledge gap exists, with 68% of women wishing they had better understanding of retirement savings and investments, compared to 58% of men [3] - Only 37% of women feel they knew how much they needed to save for retirement, compared to 47% of men [3] Group 3: Impact of Compound Interest - The lack of early savings among women limits the growth potential of their retirement funds through compound interest, which is crucial for building wealth over time [4] - Even small annual differences in savings can lead to substantial disparities in retirement funds over decades due to compounding effects [5]